Filing Flows › Xcel Energy (XEL) › Q1 2026
Xcel Energy (XEL) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Xcel Energy (XEL) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +13% from the quarter before. Operating margin was 18.8%, net earnings $556M (13.8% of revenue).
Xcel Energy, Q1 2026: revenue $4.0B (+3% year over year), operating margin 18.8%, net earnings $556M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | +13% | +3% |
| Operating profit | $754M | +30% | +11% |
| Net earnings | $556M | -2% | +15% |
| Operating cash flow | $1.7B | +712% | +65% |
What changed
Revenue was $4.0B in Q1 2026, up 3% year over year and up 13% from the previous quarter. Total revenue from contracts with customers was the largest line at 93% of revenue. Total revenue from contracts with customers added $0.05B year over year (up 1%), 44% of the total change. Other declined 9%.
Operating profit was $0.75B, a 18.8% margin (up 1.4 points year over year). Of the extra revenue versus Q1 2025, 67% reached operating profit, above the 17% margin then. Total costs grew 1% against revenue growth of 3%. Net earnings were $0.56B, up 15% year over year. The effective tax rate was -9.2%.
Operating cash flow was $1.7B (up 65% year over year), 305% of net earnings. Non-cash charges added back $0.77B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.36B. Capital expenditures of $3.0B exceeded it, leaving free cash flow of −$1.3B.
Questions
What was Xcel Energy's revenue in the first quarter 2026?
Xcel Energy (XEL) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +13% from the quarter before.
Was Xcel Energy profitable in the first quarter 2026?
Operating profit was $754M (18.8% of revenue) and net earnings $556M.
Source: Xcel Energy 10-Q on SEC EDGAR.